Associate company of psu

Manish Tripathi (Querist) 11 December 2021 This query is : Resolved
Whether HITPA is a PSU or a Private Company?
HITPA is a JV of 4 PSU, each PSU having 23.67% stake and 5% in GIC.
It is an Associate Company of National Insurance, New India Assurance, Oriental Insurance, United India insurance and GIC.
It's audit is conducted by statutory auditors apponits by CAG.

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This discussion clarifies that HITPA is an associate company formed by a joint venture of four Public Sector Undertakings (PSUs), each holding a significant stake. Its audit is conducted by statutory auditors appointed by the Comptroller and Auditor General (CAG), indicating a connection to public resources. Therefore, HITPA functions as an agent for major insurance companies like National Insurance, New India Assurance, Oriental Insurance, United India Insurance, and GIC.

P. Venu (Expert) 11 December 2021
What is the context for this query?

kavksatyanarayana (Expert) 11 December 2021
Yes. What is your problem? I think Health Insurance Third Party Agency is an agent for the companies of NI, NIA, OI, UII, and GIC.

SHIRISH PAWAR, 7738990900 (Expert) 13 December 2021
Hello,

Yes, CAG can audit PSU. Any company using public resources can be audited by CAG.

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